The City of Fishers is considering a $76.4 million proposal for the construction of a sports and entertainment facility near the Lake District at Saxony Village.

Plans call for a 4,200-seat arena, an adjoining 245,000-square-foot fieldhouse with 12 basketball courts and a 600-space parking garage to be built near the intersection of 136th Street and Olio Road.

If approved, the complex would be privately owned and operated by GK Sports and Entertainment. It would be designed and adapted for professional and amateur sports, with the ability to host a variety of hard-court or turf sports.

Under the terms of the proposal, the City of Fishers would enter into a 20-year lease for specific usage rights, which would amount to $805,000 annually. The agreement would grant the city access to the courts or turf fields for six hours per day Monday through Thursday through most of the year, except during summer months, when it would be reduced to 3.5 hours per day. Also, the city would receive community access to a walking and jogging track for six hours per day during weekdays.

The proposed complex could also include a hospital, medical office, hotel and several retailers. According to Mayor Scott Fadness, the economic impact of the new development would amount to $110 million.

“This project will have a significant positive impact on the local economy and adds to the quality of life that makes Fishers a great place to live,” Mayor Fadness said in a prepared statement. “It also provides a unique opportunity to partner with the private sector to provide needed indoor recreation space for our residents.”

Following a series of three community information sessions, the City Council is expected to vote on the project at its May 18 meeting.